Views on ACC 4QCY2013 results - Angel Broking

Views of Mr. V. Srinivasan (Research Analyst - Cement, Angel Broking) on ACC 4QCY2013 results:

"For 4QCY2013 ACC's performance was below estimates on the operating front. The company's stand-alone top-line fell by 13.1% yoy to Rs. 2,693cr. While realization remained flat on yoy basis, volume was down by 1.5% yoy to 5.85mn tonnes. Further, top-line performance during the quarter was impacted by high base as ACC's subsidiaries (involved in RMC business) were amalgamated with the company in the corresponding quarter of last year. OPM stood at 12.9%, up 42bp yoy basis on low base of 4QCY2012 (impacted by amalgamation of low margin RMC business). Bottom-line rose by 16.4% yoy to Rs. 279cr aided by tax write back of Rs. 36cr. We maintain a Buy rating on the stock with a target price of Rs. 1,225."

Source : Equity Bulls

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